Russia Complicating Matters Already Complex
Besides a heavy economic data flow Thursday, we have an intensifying situation around Syria to deal with. Russia’s active opposition to the apparent American leaning toward an attack on the asinine Assad is complicating matters. We take a look at yesterday’s news for you and give you all the info you need. Get Friday’s details today by subscribing to our blog.
Stocks rethought things through the day Thursday, it seems on the alteration of the President’s plans. President Obama has cancelled a planned trip to California to be in Washington as the Congressional discussion and decision about Syria occurs. It seems to me that the investment community takes this as a sobering sign that an engagement of Syria will occur. I see it, however, as a sign of weakness and the potential for the U.S. Congress to determine to keep busy at home and let the Middle East sort out its own disgusting mess by itself. It’s ironic that in the end, inaction might save us a terrible mess with the Russians.
Economic Events
The economic data flow today was sobering as well as heavy Thursday due to the holiday this week. The monthly employment data was negative, with both the ADP and Challenger reports showing deterioration in the latest measured period. Add to that, the growing concern about a consumer spending slippage and confidence decline, as seen in the weekly consumer comfort measure, and there was something to worry about. The latest monthly motor vehicle sales held ground against that theory though on Wednesday. Chain store sales, reported by many retailers on Thursday, were mixed.
The day’s manufacturing and goods producing data was mixed as well. The important measure of the service sector, however, showed significant improvement. Given the importance of the service sector to our economy, with 90% of the economy driven by services, the news acted as a support.
Overseas Markets
International markets were perhaps hopeful as the G-20 met in Russia yesterday. President Obama is addressing the world as we scribble here currently and as more Russian warships head toward Syria to meet an American fleet nearby. You can expect stocks to start downward if the American Congress approves action because of the Russian intervention.
Commodity Markets (CLOSE)
Look for oil and gold to begin to move markedly higher if the U.S. Congress approves action, now that Russia is taking an active position against it.
Corporate Events
Earnings season has officially fizzled out here at the close of summer and start of September, as evidenced by the light list of reporters this week.
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
Many Factors at Play
Market ETF
|
September 5, 2013
|
Year-to-Date
|
SPDR S&P 500 (NYSE: SPY)
|
+0.1%
|
+16.4%
|
SPDR Dow Jones (NYSE: DIA)
|
-0.0%
|
+14.3%
|
PowerShares (Nasdaq: QQQ)
|
+0.2%
|
+18.0%
|
Stocks rethought things through the day Thursday, it seems on the alteration of the President’s plans. President Obama has cancelled a planned trip to California to be in Washington as the Congressional discussion and decision about Syria occurs. It seems to me that the investment community takes this as a sobering sign that an engagement of Syria will occur. I see it, however, as a sign of weakness and the potential for the U.S. Congress to determine to keep busy at home and let the Middle East sort out its own disgusting mess by itself. It’s ironic that in the end, inaction might save us a terrible mess with the Russians.
Economic Events
ECONOMIC REPORT SCHEDULE
|
|||
Economic Data Point
|
Prior Period
|
Expected
|
Actual
|
THURSDAY
|
|||
+198K (Rev)
|
+177K
|
+176K
|
|
37,701
|
50,462
|
||
56.0
|
55.0
|
58.6
|
|
+1.6% (R)
|
-3.4%
|
-2.4%
|
|
+0.9%
|
+1.8%
|
+2.3%
|
|
Monthly Chain Store Sales
|
|||
-31.7
|
-32.3
|
||
332K
|
330K
|
323K
|
|
67 Bcf
|
58 Bcf
|
||
-Crude Oil Inventory
|
+3.0 M Barrels
|
-1.8 M
|
|
-Gasoline Inventory
|
-0.6 M
|
-1.8 M
|
|
44.6%
|
43.7%
|
The economic data flow today was sobering as well as heavy Thursday due to the holiday this week. The monthly employment data was negative, with both the ADP and Challenger reports showing deterioration in the latest measured period. Add to that, the growing concern about a consumer spending slippage and confidence decline, as seen in the weekly consumer comfort measure, and there was something to worry about. The latest monthly motor vehicle sales held ground against that theory though on Wednesday. Chain store sales, reported by many retailers on Thursday, were mixed.
The day’s manufacturing and goods producing data was mixed as well. The important measure of the service sector, however, showed significant improvement. Given the importance of the service sector to our economy, with 90% of the economy driven by services, the news acted as a support.
Overseas Markets
EUROPE
|
CLOSE
|
ASIA/PACIFIC
|
CLOSE
|
EURO STOXX 50
|
+0.6%
|
NIKKEI 225
|
+0.1%
|
German DAX
|
+0.5%
|
Hang Seng
|
+1.2%
|
CAC 40
|
+0.7%
|
S&P/ASX 200
|
-0.4%
|
FTSE 100
|
+0.9%
|
Korean KOSPI
|
+1.0%
|
Bloomberg GCC 200 Mideast
|
-0.9%
|
BSE India SENSEX
|
+2.2%
|
International markets were perhaps hopeful as the G-20 met in Russia yesterday. President Obama is addressing the world as we scribble here currently and as more Russian warships head toward Syria to meet an American fleet nearby. You can expect stocks to start downward if the American Congress approves action because of the Russian intervention.
Commodity Markets (CLOSE)
WTI Crude
|
+1.0%
|
Brent Crude
|
+0.4%
|
NYMEX Natural Gas
|
-2.6%
|
RBOB Gasoline
|
-1.0%
|
Gold Spot
|
-1.6%
|
Silver Spot
|
-1.1%
|
COMEX Copper
|
+0.2%
|
CBOT Corn
|
-1.8%
|
CBOT Wheat
|
-0.9%
|
CBOT Soybeans
|
+1.1%
|
ICE Cocoa
|
+2.8%
|
ICE Sugar
|
+0.8%
|
ICE Orange Juice Conc.
|
-0.4%
|
CME Lumber
|
-1.3%
|
CME Live Cattle
|
-0.6%
|
Look for oil and gold to begin to move markedly higher if the U.S. Congress approves action, now that Russia is taking an active position against it.
Corporate Events
Earnings season has officially fizzled out here at the close of summer and start of September, as evidenced by the light list of reporters this week.
REPORTING EARNINGS
|
|
Company
|
Ticker
|
THURSDAY
|
|
Conn’s
|
Nasdaq: CONN
|
Calavo Growers
|
Nasdaq: CVGW
|
Ambarella
|
Nasdaq: AMBA
|
Inteliquent
|
Nasdaq: IQNT
|
Titan Machinery
|
Nasdaq: TITN
|
Finisar
|
Nasdaq: FNSR
|
Jos. A. Bank
|
Nasdaq: JOSB
|
LightPath Technologies
|
Nasdaq: LPTH
|
Patheon
|
NYSE: PTI
|
VeriFone
|
NYSE: PAY
|
PMFG
|
Nasdaq: PMFG
|
RG Barry
|
Nasdaq: DFZ
|
Zumiez
|
Nasdaq: ZUMZ
|
Smith & Wesson
|
Nasdaq: SWHC
|
SeaChange Int’l
|
Nasdaq: SEAC
|
Korn/Ferry Int’l
|
NYSE: KFY
|
Cooper Companies
|
NYSE: COO
|
Forest City Enterprises
|
Nasdaq: FCEA
|
Rally Software
|
Nasdaq: RALY
|
Infoblox
|
Nasdaq: BLOX
|
Quiksilver
|
NYSE: ZQK
|
MOST ACTIVE STOCKS
|
|
BIGGEST GAINERS
|
% Gain
|
Associated Banc-Corp (Nasdaq: ASBCW)
|
+50%
|
Broadway Financial (Nasdaq: BYFC)
|
+42%
|
Investors Capital (NYSE: ICH)
|
+43%
|
Rockwell Medical (Nasdaq: RMTI)
|
+33%
|
Kingtone Wirelessinfo (Nasdaq: KONE)
|
+25%
|
MiMedx Group (Nasdaq: MDXG)
|
+23%
|
Kaydon Corp. (NYSE: KDN)
|
+23%
|
Envivio (Nasdaq: ENVI)
|
+20%
|
Prospect Global Resources (Nasdaq: PGRX)
|
+22%
|
Sino-Global Shipping (Nasdaq: SINO)
|
+20%
|
BIGGEST LOSERS
|
% Drop
|
Agenus (Nasdaq: AGEN)
|
-27%
|
Bazaarvoice (NYSE: BV)
|
-17%
|
Galectin Therapeutics (Nasdaq: GALTU)
|
-14%
|
Mitcham Industries (Nasdaq: MIND)
|
-12%
|
Conn’s (Nasdaq: CONN)
|
-11%
|
Direxion Daily Gold Miners Bull (Nasdaq: NUGT)
|
-11%
|
Document Security Systems (NYSE: DSS)
|
-11%
|
Fuwei Films (Nasdaq: FFHL)
|
-9%
|
Direxion Daily Russia Bear 3xS (Nasdaq: RUSS)
|
-9%
|
Gastar Exploration (NYSE: GST)
|
-9%
|
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
Labels: Market-Outlook, Market-Outlook-2013-Q3
0 Comments:
Post a Comment
<< Home